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Miscellaneous

Press Rite Cleaners

1595 Woodside Rd, Redwood City, CA 94061

Listing Price: $2,000,000

Cap Rate
4.03%
Tenant Name
Press Rite Cleaners
Years Remaining On Lease
2.5
Gross SF
2,958
Guarantor
Personal Guarantee
Rentable SF
2,958
Price/Gross SF
$676.13
Lease Type
Absolute Net
Rent Per Square Feet
$27.22

Investment Overview

Press Rite Cleaners at 1595 Woodside Road in Redwood City is an opportunity for potential investor to acquire a single tenant, net leased asset in a great infill Bay Area location with significant upside. The property consists of a single-story building of approximately 2,958 Sq. ft. constructed of reinforced concrete. The roof is flat with mineral coating. Nine parking spots on site provide ample parking ratio of over 3/1000, allowing for a variety of retail uses at the site. The property was initially a local pharmacy, but since the 80s has been occupied by a cleaners, currently known as Press Rite Cleaners. The tenant is currently in the eighth year of a ten-year lease term, with one 5-year option to extend. Fixed annual rental increases in the remaining term and the option period provide a hedge against inflation. The lease is Absolute Net, with the Tenant reimbursing Landlord for property taxes and insurance and directly responsible for all other operating expenses, which creates an ease of management through minimal landlord obligations. The scheduled rent is significantly below market, which creates significant upside for potential investors upon re-leasing the space. The property is situated in an unincorporated area of Redwood City and current San Mateo County zoning allows a multi-story, mixed use project to be built on the site. Press Rite Cleaners benefits from being situated directly on Woodside Road with its high traffic counts and easy access to highways 101 and 280. The property has a walk score of 84 and is surrounded by other retail and office uses on both side of Woodside Road. Redwood City is strategically located in the middle of the San Francisco Peninsula, approximately 27 miles from downtown San Francisco to the North and 20 miles to Silicon Valley to the South. The county seat of San Mateo County, it is also home to multiple high-tech companies, such as Box, Oracle, Informatica, Electronic Arts, BroadVision, etc. Press Rite Cleaners presents potential buyers with an opportunity to acquire an easy to manage retail property with significant upside and redevelopment potential in a great, core Bay Area location.

Investment Highlights

  • Below Market Rent
  • True NNN Lease
  • Annual Increases

Exclusively Listed By

Listing Price: $2,000,000

Cap Rate
4.03%
Tenant Name
Press Rite Cleaners
Years Remaining On Lease
2.5
Gross SF
2,958
Guarantor
Personal Guarantee
Rentable SF
2,958
Price/Gross SF
$676.13
Lease Type
Absolute Net
Rent Per Square Feet
$27.22

Investment Highlights

  • Below Market Rent
  • True NNN Lease
  • Annual Increases

Investment Overview

Press Rite Cleaners at 1595 Woodside Road in Redwood City is an opportunity for potential investor to acquire a single tenant, net leased asset in a great infill Bay Area location with significant upside. The property consists of a single-story building of approximately 2,958 Sq. ft. constructed of reinforced concrete. The roof is flat with mineral coating. Nine parking spots on site provide ample parking ratio of over 3/1000, allowing for a variety of retail uses at the site. The property was initially a local pharmacy, but since the 80s has been occupied by a cleaners, currently known as Press Rite Cleaners. The tenant is currently in the eighth year of a ten-year lease term, with one 5-year option to extend. Fixed annual rental increases in the remaining term and the option period provide a hedge against inflation. The lease is Absolute Net, with the Tenant reimbursing Landlord for property taxes and insurance and directly responsible for all other operating expenses, which creates an ease of management through minimal landlord obligations. The scheduled rent is significantly below market, which creates significant upside for potential investors upon re-leasing the space. The property is situated in an unincorporated area of Redwood City and current San Mateo County zoning allows a multi-story, mixed use project to be built on the site. Press Rite Cleaners benefits from being situated directly on Woodside Road with its high traffic counts and easy access to highways 101 and 280. The property has a walk score of 84 and is surrounded by other retail and office uses on both side of Woodside Road. Redwood City is strategically located in the middle of the San Francisco Peninsula, approximately 27 miles from downtown San Francisco to the North and 20 miles to Silicon Valley to the South. The county seat of San Mateo County, it is also home to multiple high-tech companies, such as Box, Oracle, Informatica, Electronic Arts, BroadVision, etc. Press Rite Cleaners presents potential buyers with an opportunity to acquire an easy to manage retail property with significant upside and redevelopment potential in a great, core Bay Area location.

Exclusively Listed By

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